UOB Bank: Rising Wedge Pattern

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UOB Bank is forming a Rising Wedge, a Trend Reversal Pattern on the daily chart. The wedge support is at around $18.20 which is also the 20D SMA. Weekly chart show UOB is having difficulty to break the 61.8% Fibonacci Retracement Resistance. Although 2/5W EMA still showing uptrend in weekly chart but potential trend reversal Rising Wedge in the daily chart may alert the short sellers. Watch out for a Bearish Convergence signal to confirm the trend reversal.

XD Date: May 7, 2012

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UOB Bank: Start of Down Trend?

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UOB failed to form a “Higher High, Higher Low” uptrend pattern as per last analysis. The stock formed a Double Tops at about $17.60 instead and reversed to down trend since then. UOB also failed to break the neckline resistance after showing a Hammer candlestick. The stock also had a gap down and break below $16.00 support. If UOB cannot close the gap in the next few days, the stock will trade in the down trend heading towards the next 61.8% Fibonacci support of $15.23. All 3 Moving Averages (20D, 50D and 200D) are heading down. The Moving Average (2W, 4W and 12W) are also heading down in the Weekly chart.

 

Extended chart to show $17.1 is the tough support turned resistance.

Does UOB hold S$608 mln worth of Greek debt securities?

 

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